Economy
SEBI Closes Non-Cooperation Case Against Religare and Rashmi Saluja
Bar and Bench1h
THE BRIEF
1
SEBI closed proceedings against Religare Enterprises Limited and former Chairperson Rashmi Saluja on July 31, noting that the Burman Group's open offer was successfully completed on February 13, 2025.
2
The regulator disposed of the June 19, 2024, show-cause notice without further directions, concluding that the Burman Group had already assumed control and reclassified as promoters of the company.
3
The dispute involved a proposed acquisition of 26% of REL at ₹235 per share, totaling approximately ₹2,116 crore, which faced initial resistance from the company's board regarding regulatory compliance.